AL-BOR WATERLOO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AL-BOR WATERLOO
Largest movements
- Cash -€16,454
down €16,454 (-66.1%), from €24,895 to €8,440
mainly Investment in fixed assets (net) (-€32,483) and Receivables within one year (-€5,700)
- Tangible fixed assets +€6,067
up €6,067 (+9.7%), from €62,450 to €68,516
- Receivables within one year +€5,700
up €5,700 (+16.5%), from €34,528 to €40,228
of which Trade receivables: +€14,411
- Trade debts -€5,333
down €5,333 (-34.5%), from €15,439 to €10,106
- Reserves +€4,374
up €4,374 (+175.0%), from €2,500 to €6,874
of which Distributable reserves: +€4,374
- Tax, wage and social debts -€4,232
down €4,232 (-57.4%), from €7,378 to €3,145
of which Taxes: -€4,767
- Gross operating margin -€5,576
down €5,576 (-12.5%), from €44,510 to €38,934
- Depreciation -€2,873
down €2,873 (-9.8%), from €29,289 to €26,416
- Staff costs +€1,998
new in 2025: €1,998
- Other operating charges -€1,846
down €1,846 (-52.8%), from €3,499 to €1,653
- Financial income -€1,238
down €1,238 (-98.0%), from €1,264 to €25
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €123,510 | €118,318 | -€5,192 | -4.2% |
| Fixed assets | 21/28 | €62,450 | €68,516 | +€6,067 | +9.7% |
| Tangible fixed assets | 22/27 | €62,450 | €68,516 | +€6,067 | +9.7% |
| Furniture and vehicles | 24 | €62,450 | €68,516 | +€6,067 | +9.7% |
| Current assets | 29/58 | €61,060 | €49,802 | -€11,259 | -18.4% |
| Amounts receivable within one year | 40/41 | €34,528 | €40,228 | +€5,700 | +16.5% |
| Trade receivables | 40 | €490 | €14,901 | +€14,411 | +2940.8% |
| Other amounts receivable | 41 | €34,038 | €25,327 | -€8,711 | -25.6% |
| Cash at bank and in hand | 54/58 | €24,895 | €8,440 | -€16,454 | -66.1% |
| Deferred charges and accrued income | 490/1 | €1,638 | €1,133 | -€505 | -30.8% |
| Total equity and liabilities | 10/49 | €123,510 | €118,318 | -€5,192 | -4.2% |
| Equity | 10/15 | €100,693 | €105,067 | +€4,374 | +4.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | - | -€25,000 | |
| Issued capital | 100 | €25,000 | - | -€25,000 | |
| Reserves | 13 | €2,500 | €6,874 | +€4,374 | +175.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | - | €2,500 | +€2,500 | |
| Distributable reserves | 133 | - | €4,374 | +€4,374 | |
| Profit (loss) carried forward | 14 | €73,193 | €73,193 | = | 0.0% |
| Amounts payable | 17/49 | €22,817 | €13,251 | -€9,566 | -41.9% |
| Amounts payable within one year | 42/48 | €22,817 | €13,251 | -€9,566 | -41.9% |
| Trade debts | 44 | €15,439 | €10,106 | -€5,333 | -34.5% |
| Suppliers | 440/4 | €15,439 | €10,106 | -€5,333 | -34.5% |
| Taxes, remuneration and social security | 45 | €7,378 | €3,145 | -€4,232 | -57.4% |
| Taxes | 450/3 | €7,378 | €2,611 | -€4,767 | -64.6% |
| Remuneration and social security | 454/9 | - | €534 | +€534 | |
| Non-recurring operating income | 76A | €12,443 | - | -€12,443 | |
| Remuneration, social security and pensions | 62 | - | €1,998 | +€1,998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,289 | €26,416 | -€2,873 | -9.8% |
| Other operating charges | 640/8 | €3,499 | €1,653 | -€1,846 | -52.8% |
| Gross operating margin | 9900 | €44,510 | €38,934 | -€5,576 | -12.5% |
| Operating profit (loss) | 9901 | €11,722 | €8,866 | -€2,856 | -24.4% |
| Financial income | 75/76B | €1,264 | €25 | -€1,238 | -98.0% |
| Recurring financial income | 75 | €1,264 | €25 | -€1,238 | -98.0% |
| Financial charges | 65/66B | €1 | €448 | +€448 | +74618.3% |
| Recurring financial charges | 65 | €1 | €448 | +€448 | +74618.3% |
| Profit (loss) for the period before taxes | 9903 | €12,985 | €8,443 | -€4,542 | -35.0% |
| Income taxes | 67/77 | €5,179 | €4,070 | -€1,109 | -21.4% |
| Profit (loss) for the period | 9904 | €7,806 | €4,374 | -€3,432 | -44.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,806 | €4,374 | -€3,432 | -44.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.